Wednesday, May 11, 2016

Economic News , Data & Views ( May 11, 2016 ) Overview For Wednesday ( 1. Markets In Focus - NIRP-Land News - Selected 2 Year Yields Comparison Between Nov 2011 and Today , S&P 500 Advance Between Feb Lows & Present , Central Bank Rate Hike Expectations Watch , Commodity Watch - Lumber At Highest Level Since Feb 2015 & Crude Oil Items Of The Day. 2. UK & Brexit News & Views . 3. EU-Turkey Deal Seems Trapped On The Ropes - Stalling AT European Parliament , Erdogan Back-Tracking On Agreed Measures While Turkey Threatens To Unleash Millions Of Refugees Toward Europe. 4. Refugee Crisis / Border Security Items For Wednesday. 5.Brazil Impeachment Drama , Olympics Debacle Coming , Grim Retail Sales Data For March. 6. Libya News De Jour. 7. MENA- Non Libya Updates. 8. Odds & Ends. )


2-Year yields: Nov 2011 => Today Italy: 7.7% => -0.07% Spain: 6.1% => -0.07% US: 0.27% => 0.73%

17% vertical advance from Feb-Apr to new ATH, minor consolidation since. Interesting to see so much angst out there.

Market Expectations for next rate hike in... US: Feb 2017 UK: Oct 2019 Eurozone: May 2020 Japan: Sep 2020

Dr. Lumber at its highest level since Feb 2015, up 21% YTD.

LINN Energy files prepack Ch.11; No impact to operations

Crude Oil up 75% from the Feb lows ($26), mirroring the rally from Feb-May of 2009.

Raises Prices Nearly 70% Amid Shortages via

Brent crude is up 8% in two days -- above $47 a barrel

Bang!!! market caught wrong-footed Crude stocks down 3.4m barrels; gasoline down 1.2m. Distillates down 1.6m.

 UK News & Brexit......

Double dose of apologies from "OwnGoal" Dave..

David "OwnGoal" Cameron scores again... half ass apology after vile , uninformed depiction.

Another embarrassing moment for "Own Goal Dave ."

Table turned around , it would appear..

Osborne: Treasury and BoE doing "quite a significant amount" of contingency planning to "mitigate" impact of Brexit

Toby Young makes the case for Brexit....

EU-Turkey ......

Latest Erdogan demand to EU-give the 3bn in refugees aid directly to Turkey's Gov't and Agencies !


As expected , European Parliament will hold Turkey's feet to fire regarding full compliance.

Erdogan does not have much financial leeway. reserves already below the adequacy range.

Refugee Crisis / Border Security.....

Austria's border control rankle...

More "interesting" information concerning plans to deal with refugee /economic migrant crisis. Fwiw

EU Report on FYROM and Greece: Overcrowded Camps, Child Detentions

Italy smuggler route busier than Greece -but look at how the numbers have fallen off.

It's come down to this for some refugees / economic migrants.

EU has mishandled its refugee crisis....


Dilma Rousseff faces impeachment as Brazil's senate debates – live

Impeachment seems certain to pass Senate , as Supreme Court rejects Rousseff appeal

Violence , serious water pollution including raw sewage , Zika virus & political turmoil impacting Gov't stability.


Libya Items De Jour.....

LNA's official spox Col. Ahmed al-Mismari announced the start of Op Derna dubbed "al-Burkan" says LNA closing in on DMSC.

bad news for the GNA's Prez Council - Col. Juha the key figure in Sirte-Misrata Ops Room says can't accept membership of Ops

MENA - Non Libya Items ......

Update: Death toll from triple car bomb attack on Baghdad rises to 93: Three separate car bombings in Baghdad...

ISIS reduced to inflicting terror on defecting fighters - apart from selling chickens & eggs roadside.

The Number of Syrian Towns that Favor Reconciliation Rises to 99

Odds & Ends.....

So any chance first review wrapped by before quiet time preceding UK Referendum ?

Already taken hostage by markets , but in a Blazing Saddles fashion.....

Quite sure that he is "feeling pressure"...

Wilbur Ross urges reconciliation between Ryan & Trump ...

Draghi as cash conspirator: Frankfurt protest planned amid fear wants to abolish cash.

First and now gas? may ban U.S. gas imports due to domestic ban on fracking

Germany certainly has become a source of growing controversy and one can make the arguement , Europe's big problem.